MAP, a US-based development company currently focused on developing solar in the Northeast markets of Massachusetts, New York and Maryland, announced today the sale of its 37MW carport and ground-mount portfolio on commuter rail parking lots throughout the Greater Boston area to True Green Capital Fund III, L.P. (“TGC”).
Paul Wheeler, CEO & Founder of MAP commented, “This is a fantastic achievement for MAP and the team after numerous months of hard-work alongside our co-developer, Omni Navitas Holdings LLC. Our partnership with True Green Capital provides us with an excellent foundation to grow the business in the US and develop our project pipeline further across the North-Eastern states.”
In addition to providing a more cost-effective source of electricity to the local community, it is estimated that the projects in total will reduce CO2 emissions by over 33,000 tonnes.
Paul Wheeler added, “We are extremely proud as a business to be able to contribute towards a more sustainable future as we strive to bring about a new era of clean, renewable technology.”
“It’s a win-win for all parties,” said Bo Wiegand, Partner at TGC. “These investments provide clean, lower cost energy to Massachusetts towns and universities, a stable source of lease revenue to the MBTA, and employ hundreds of highly skilled workers in the greater Boston area. Our investors will benefit from the predictability and uncorrelated nature of long term power and SREC sales coupled with the benefits of real asset ownership.”
The projects are set to begin construction in the fourth quarter of 2017 and will be fully operational by late 2018.
MAP Energy Solutions LLC are a U.S. based solar energy developer and have operated globally in the solar development business since 2007. In that time, MAP have developed over 450 MW of solar projects across multiple jurisdictions.
Based out of Boston, Massachusetts, our experienced team provide over 50 years of joint experience in the solar industry and have a proven track record of success. For more information on MAP, please visit: www.map-es.com